A positive start to the session following slightly favorable jobless claims, quickly turned negative as the S&P couldn't push through gap resistance. Notice how we haven't managed to regain the 5 day MA (130 period MA on 15 minute timeframe) since we lost it on the double top last week. Fading the 5 day MA has been a successful trading strategy thus far.GDP at 8:30 EST, tops tomorrow's economic data and events. I hate it when those Federal Reserve guys speak during the trading day. Anyway, BB is scheduled to speak at 10:00.
My best strategy over the last couple of days is long gold and silver (safe haven), as they crossed above the 5 day MA.
CRM is forming a Darvas Box, consolidating the earnings gap, in the upper half of the range on declining volume. Today's range was the narrowest since gap up. Keep this one on the focus list and wait for price expansion.
My best strategy over the last couple of days is long gold and silver (safe haven), as they crossed above the 5 day MA.
2 comments:
Thanks for the many informative posts! I noticed you often use 15 min chart when looking for patterns. If you see a breakout, do you wait for the bar to complete to confirm, or you'll do trade even if it's in the middle of the 15 mins?
Thanks x,
When I trade breakouts, I don't wait for the 15 minute bar to complete to take the trade. But, I do wait for the bar to complete and confirm on a candlestick reversal pattern.
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